Author: Julius Alagbe

Overnight Rate Drops on Excess Liquidity in Banking System Overnight lending rate declined slightly as the banking system remained liquid despite debit for Nigerian Treasury bills auction settlement on Thursday., System liquidity remained relatively buoyant, closing today’s session at a net long position of ₦2.47 trillion compared to ₦2.25 trillion recorded the previous day. The surge occurred following inflow from Nigerian Treasury bills that expired, to the tune of ₦668.87 billion. Consequently, funding rates, the overnight rate (O/N), and open repo rate (OPR) remained firm at 22.50% and 22.80%, respectively. The banking system opened the day with a liquidity surplus…

The naira declined following a period of gains in the Nigerian foreign exchange market (NFEM), attributed to a heightened demand for US dollar transactions at the official exchange rate on Thursday.

Fidelity Bank Gains 6.3% as Investors Take Positions Fidelity Bank Plc.’s market valuation climbed by 6.3% in on the Nigerian Exchange (NGX) as investors took positions as the market anticipates bumper Q4 earnings harvest. The tier-1 challenger lender surged by 6.3%, trading data obtained from the Nigerian Exchange (NGX) revealed on Thursday. The gain in Fidelity Bank and others boosted the banking index by 64 basis points. Fidelity Bank’s share price edged higher to N19.4 as about 9.5 million units valued at N179.392 million were traded in the local bourse. Stockbrokers expect this momentum to remain, driven by the expectation…

Ripple (XRP) has lost about 14% in the last 24 hours, settling at $1.35 on Thursday in the crypto market as extreme fears stoked sell pressure.

Bitcoin Plunges to 69K, Lost About 9% in 24h Bitcoin has plunged by about 9% to $69.1K in 24h, closely tracking a 7.67% drop in the total crypto market cap. The market sentiment has declined sharply due to extreme fear. The greed and fear index has turned red, and investors are exiting positions in the markt. Crypto analysts said a cascade of leveraged long liquidations put pressure on top crypto. A derivatives-driven liquidation cascade, with $396.84 billion in BTC positions forcibly closed (mostly longs) in 24h, amplifying selling pressure. Trading signals indicate that no clear secondary driver was visible in…

CBN Cuts 1-Year Treasury Bill Rate by 138bps, Rejects Bids The Central Bank of Nigeria (CBN) cut the spot rate on its one-year tenor treasury bills by 138 basis points to 16.98% at the primary market auction on Wednesday. At the auction, the authority offered Treasury bills worth N1.15 trillion for investors’ subscription across standard tenors. Demand was strong, with investors showing interest in long tenors amid rising appetite for duration. The CBN underwrote its offer with total sales settling at N952.6 billion amidst spot rates repricing.  Details from the main auction indicate that the total subscription printed at N4.586…

Risk-off Sentiment Drives Nigerian Bonds Yield to 16.31% The Nigerian bond benchmark yield surged by two basis points to 16.31% as negative sentiment exhibited by investors in the secondary market drove prices lower. The market was mildly bearish on Tuesday, as selling pressure at the mid-to-long end largely outweighed muted activity across most other tenors. At the short end, yields were mostly stable, with the 20-Mar-2027 FGN bond recording a marginal 1bp compression, while other nearby maturities closed flat, AIICO Capital said in a note. Fixed income market analysts reported that trading activity was weaker at the belly of the…

The overnight lending rate surged while the repo rate remained steady as money market liquidity increased

Builderstech MD Sentenced to 48 Years for N500m Fraud The Managing Director (MD) of Builderstech Solution Ltd, Mr. Johnson Godwin Agene, has been sentenced to 48 years imprisonment without an option of fine. Agene was sentenced by the Federal High Court, Makurdi, Benue State, after being found guilty of defrauding over 5,000 Nigerians of more than N500 million. The Economic and Financial Crimes Commission (EFCC) disclosed the development in a post on X, saying, “Makurdi Court Jails, Johnson Godwin Agene 48 Years Over Investment Scam. The post further stated: “Justice M.S. Abubakar of the Federal High Court, Makurdi, has sentenced…

Beachway Homes CEO Arraigned for N1.33bn Alleged Fraud A Lagos based real estate developer, has been arraigned by the operatives of the Force Criminal Investigation Department (ForceCID) Annex Alagbon-Ikoyi Lagos, before a Federal High Court, Lagos, for fraud. The accused, Mr. Adeyinka Lawal, who is the Chief Executive Officer (CEO) of Beachway Homes Limited, Lagos, was arraigned alongside is company on an amended charges marked FHC/L/392c/2025, before the court presided over by Justice Deinde Dipeolu. Adeyinka is facing charges of conspiracy, obtaining by false pretence, money laundering, fraudulent conversation and fraud to the tune of N1.33 billion. The prosecutor, Barrister…